When the holiday season is over you may find yourself saying: “Why did I spend all of that money? Why did I wait until the last minute to shop? I don’t even want to think about how long it will take to pay off the credit cards. I hope I didn’t take too much money out of the ATM.
“Did I buy my mom the same gift twice?”
“I should have had a plan” By following a few simple steps, you can end this post-holiday.
Recognize Your Seasonal Stressors
Does it seem like the holidays come earlier and earlier each year?
How early does the holiday season start? Do you feel Christmas is creeping up on Halloween?
By getting informed, resisting holiday songs and decorations in October and knowing your personal stressors – such as family, friends, work, travel, social outings and traditions (both old and new)-then you can be less stressed this holiday season.
When the family is on the same page, it can alleviate some stress. Refocus your family’s thoughts from the material goods to the real meaning of giving and receiving. Knowing your specific situation, making informed decisions, and communicating with loved ones can reduce the effects of holiday stressors.
Develop a Holiday Spending Plan-Making a Budget
Like most things, holiday shopping is all about planning.
If you set a budget, then you will know how much money you can spend during the holiday season.
Ask yourself:
How much have I saved? How much can I save before the holidays? Am I comfortable creating debt? Am I comfortable saying “no”?
Start with knowing how much you can spend and create a spending plan, which is critical for successful money management for the holidays and all year long
Develop a Holiday Spending Plan-Creating a List
Make sure you have a list of everyone you plan to buy for during the holidays.
In addition to gift giving, create a list for all the extras. Decorations, cards, postage, giftwrap, food/entertainment, and travel are additional costs that can drastically impact the holiday budget.
Once you’ve researched and set your budget, you’re ready to start shopping. Remember your list and check it twice, and know whom you’re buying for where you’re going to buy from, and what you plan to buy.
Always be willing to prioritize and make necessary changes to your spending plan.
Alternatives to Pricey Presents
If you have a large family, start by thinking outside the box.
Consider a gift exchange by drawing names from a hat, which can allow you to put more thought than money into selecting a single gift.
Locally grown fruits and vegetables, honey, or an item from a local artist are just a few suggestions of local products.
If you are feeling crafty, then you could make and give holiday arrangements such as centerpieces and decorations.
Fine-Tuning Your Financials
Use cash and/or debit cards when at all possible.
Money coming directly out of your pocket will likely make you think harder about your purchases.
If you are going to use credit card, make sure you have a plan to place to pay it off when the bill is due. You also need to understand the allure of paying with credit.
When you’re not paying with “real” money, your buying can easily get out of control, and the shopping process may not seem as painful in that moment.
Record what you actually spent next to the estimated cost on your spending plan.
Make necessary adjustments, and remember to communicate your plan to loved ones. Holidays are about spending time with family and loved ones, so don’t let gifts be the focus of your holidays or bust your holiday budget.
Source: http//edis,ifas.ufl.edu
